Browsing: Federal reserve

The US economy grew less than 2 percent in the first quarter for the first time in over a year and a half, based on a new government report released Thursday. The Gross domestic product (GDP) increased by 1.6 percent annually in the first quarter, according to the Commerce Department’s…

Federal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.

After higher-than-expected inflation and labor market numbers in January and February following a strong U.S. economy, Federal Reserve officials are indicating they might maintain higher interest rates for a longer period. “It is too early to determine whether the recent numbers represent more than just a temporary increase,” said Fed chair Jerome Powell…

Federal Reserve Chair Jerome Powell stated on Friday that he sees no evidence to believe that the U.S. economy is near a recession. “The economy is performing well,” Powell stated at a conference in San Francisco. “As I mentioned, the economy is in a good state. There is no cause to believe that the economy is in a recession…

The stock market continued its record-breaking rally on Thursday as the Dow Jones Industrial Average came close to reaching 40,000 and technology shares gained significantly. The Dow surged by almost 350 points, or 0.9 percent, bringing it close to the important 40,000 mark. Both the S&P 500 and Nasdaq composite also increased by 0.6 percent and 0.7 percent,…

Before the Federal Reserve’s meeting on interest rates and inflation, progressive lawmakers are urging the central bank to “seriously think about” the effect of ongoing high interest rates on housing affordability and other economic problems.

It is widely anticipated that Fed officials, who have the responsibility of maintaining price stability and maximum employment, will keep rates at a two-decade high for a fifth month at the next week’s meeting.

A former Trump economic adviser said Friday there is “no question” the U.S. has the strongest economy in the world after a strong February jobs report followed President Biden’s State of the Union address. “One thing that Biden said last night that was true: It is true that the United States today has the strongest…